What is negative list?

What is negative list?

The term negative list is used to define industries in which foreign companies cannot invest and specifies restrictions or bans on certain types of foreign investment.

How many services are in negative list of supply?

At present 117 services were included in the service tax net. More number of services that may be included in future….

What do you mean by zero tax negative list?

Negative list of services means that all services, excluding those specified in negative list will be subject to service tax. However, in addition to items included in negative list, there will be exemptions, abatements and composition schemes as issued by the CBEC from time to time.

What are the activities specified as negative list according to schedule?

a) Supply of farm labour. b) renting/leasing of agro machinery or vacant land with or without structure incidental to its use. c) loading/unloading, packing, storage, or warehousing of agricultural produce. d) Processes carried out at an agricultural farm like tending, cutting etc.

What is negative list in international business?

The negative lists include numerous sectors, such as financing, banking or commercial services, and involve specific management interventions. The negative list composes the description of the specific sectors in which there are certain restrictions and limits.

Which of the following is not included in the negative list of service tax *?

As per sub-clause (i) of clause (a) of section 66D services provided by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services carried out on payment of commission on non government business are excluded from the negative list.

Where is GST not applicable?

Items that are exempted from GST are live fish, fresh fish, bird’s eggs in the shell, fresh milk, fresh ginger, garlic, grapes, melon, unroasted coffee beans, unprocessed green tea leaves, etc. Corn, rice, wheat, maize, soybean, hulled cereal grains, etc.

What is the negative list of product?

This Negative Lists consist of goods whose import is prohibited & restricted through licensing or otherwise, or canalised and accordingly prohibited items in this Negative List of imports shall not be imported. Such goods can only be imported or exported by the canalising agency specified in the Negative Lists.

On which services GST is not applicable?

All the services related to agriculture including harvesting, cultivation, supply, packaging, warehouse, renting or leasing of machinery, etc. are exempted from GST. However, this does not include the rearing of horses. Transportation of individuals via public transport, metered cabs, auto-rickshaws, metro, etc.

What is negative list approach?

To sum up, the “negative list” is an approach under which Member countries specify the sectors which are exempted from the obligation of liberalization, while the “positive list” is a commitment approach under which Member countries specify the sectors for which liberalization is implemented.

What is negative list of imports?

What is the negative imports list policy? Introduced in August 2020, the negative list essentially means that the Armed Forces—Army, Navy and Air Force—will only procure such items from domestic manufacturers. The manufacturers could be private sector players or Defence Public Sector Undertakings (DPSUs).

Who is not included in taxable services?

Exports and Supplies made to SEZ or SEZ Developers, of both goods and services. Grains, salt, Jaggery, etc. Alcohol used for human consumption, Natural gas, Petrol and its products, electricity, etc. Services of a funeral and burial, certain actionable claims, etc.

What is negative list of service tax in India?

Finance Act, 2012, included two sections about the negative list of the service tax. Section 65B included definitions of the new taxable services, while Section 66D of the Finance Act, 1994, introduced the ‘negative list of services’. However, no service tax is applicable for an income up to Rs. 10 Lakhs in a financial year.

What is negative list tax?

In the Union budget of 2012, a new tax regime was introduced, called the negative list. Under the new system, all services are taxable except the ones that are specified in the negative list.

What does the term “service taxable” mean?

In simple words, it means that if an activity meets the characteristics of a “service” it is taxable unless specified in the Negative list, comprising 17 heads listed in the Section 66D, or otherwise exempted by a Notification issued under Section 93 of the Act. With the introduction of negative list,…

What is a negative list of services?

Negative list of services means that all services, excluding those specified in negative list will be subject to service tax. However, in addition to items included in negative list, there will be exemptions, abatement’s and composition schemes as issued by the CBEC from time to time.